Stamp duty revenue has doubled over past 5 years

By Lauren Burns

Stamp duty land tax paid on property purchases and transfers hit a record £9.5billion in 2017, a 16 per cent increase in the previous year, and double the revenue from 5 years ago.

One fifth of the total stamp duty paid was generated by the higher rate of land tax levied on purchasers of buy-to-let and second homes. The figures suggest that homebuyers and investors have largely been undeterred by changes made to stamp duty in the past years. It has been suggested that property sellers that have had to bear some of the cost, with the stamp duty implications for the buyer being factored into price negotiations.

Despite the increase in Stamp duty revenue last year, there was also a rise in the number of people claiming relief on stamp duty as a result of the recent changes introduced by the Chancellor. In the fourth quarter of last year 25,100 home buyers claimed stamp duty relief, comapred to 6,500 in the same period in 2016.

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